A financial agreement is a written agreement between two or more people that covers one, or more, of the following:
- the division of property.
- the division of superannuation.
- spousal maintenance or De-Facto maintenance.
- other incidental issues concerning the above.
A financial agreement is commonly referred to as a pre-nuptial or post-nuptial agreement, and it is this terminology that most are familiar with.
There are various types of financial agreements. A financial agreement can be entered into:
- before the commencement of marriage or de-facto relationship.
- during a marriage or a de-facto relationship.
- following the breakdown of a marriage or de-facto relationship.
There are a range of pre-requisites which must be complied with by both parties to any financial agreement, to ensure that the financial agreement is binding.
Financial agreements and their enforceability are a complex area of family law and the legislative framework in relation to financial agreements, has been a consistently changing area of law in recent times.
Australian law mandates that both parties entering into a financial agreement obtain independent legal advice. In fact, Australian Law requires that both parties receive independent legal advice and the legal practitioners providing that advice sign a Certificate to confirm same.
If you are seeking advice about a financial agreement, we recommend you do so from an accredited family law specialist.